Homework Answers
| Apr 9 | Cash | 83,800 | |
| Accumulated Depreciation - Equipment | 28,600 | ||
| Gain on sale of equipment | 2,400 | ||
| Equipment | 110,000 | ||
| Apr 9 | Cash | 75,700 | |
| Accumulated Depreciation - Equipment | 28,600 | ||
| Loss on sale of equipment | 5,700 | ||
| Equipment | 110,000 |
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Brief Exercise 7-35 (Algorithmic) Disposal of an Operating Asset Jolie Company owns equipment with a cost...
14. EX.09-18.ALGO (Algorithmic) Disposal of Fixed Asset Equipment acquired on January 6 at a cost of...
14. EX.09-18.ALGO (Algorithmic) Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $338.100. has an estimated useful life of 7 years and an estimated residual value of $44,100. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 $ Year 2 $ Year 3$ b. What was the book value of the equipment on January 1 of Year 4? C. Assuming that the...
Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $441,600 has an...
Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $441,600 has an estimated useful life of 10 years and an estimated residual value of $57,600. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 $ Year 2 $ Year 3 $ b. What was the book value of the equipment on January 1 of Year 4? $ Feedback c. Assuming that the...
Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $358,800, has an...
Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $358,800, has an estimated useful life of 10 years and an estimated residual value of $46,800. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 $ Year 2 $ Year 3 $ b. What was the book value of the equipment on January 1 of Year 4? $ c. Assuming that the equipment...
Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $375,000 has an...
Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $375,000 has an estimated useful life of 20 years and an estimated residual value of $25,000. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year! Year 2 Year 3 b. What was the book value of the equipment on January 1 of Year 42 Assuming that the equipment was sold on January 3 of...
Print item Calculator Show Me How Book Disposal of Foced Asset Equipment acquired on January 6...
Print item Calculator Show Me How Book Disposal of Foced Asset Equipment acquired on January 6 at a cost of $385,000, has an estimated useful Ife of 9 years and an estimated residual value of $50.200. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Depreciation Expense Year Yвar 1 Year 2 Year 3 b. What was the book value of the equipment on January 1 of Year 47 Feedba Check...
purchased merchandise on account from Martin co Entries for Sale of Fixed Asset Equipment acquired on...
purchased merchandise on account from Martin co
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $139,250 has an estimated useful life of 16 years, has an estimated residual value of $7,250, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? Check My Work Book value is the initial cost of the fixed asset minus the accumulated depreciation....
Cornerstone Exercise 4.2 (Algorithmic) Overhead Variances and Their Disposal Warner Company has the following data for...
Cornerstone Exercise 4.2 (Algorithmic)
Overhead Variances and Their Disposal
Warner Company has the following data for the past year:
Actual overhead
$240,500
Applied overhead:
Work-in-process
inventory
$56,000
Finished goods
inventory
112,000
Cost of goods sold
112,000
Total
$280,000
Warner uses the overhead control account to accumulate both
actual and applied overhead.
Required:
1. Calculate the overhead variance for the
year.
$ - Select your answer -UnderappliedOverappliedCorrect 2 of Item
1
Hide
Provide the appropriate adjusting journal entry to close the...
13. EX.09-17.ALGO (Algorithmic) Entries for Sale of Fixed Asset Equipment acquired on January 5 at a...
13. EX.09-17.ALGO (Algorithmic) Entries for Sale of Fixed Asset Equipment acquired on January 5 at a cost of $195,150, has an estimated useful life of 19 years, has an estimated residual value of $8,000, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? b. Assuming that the equipment was sold on April 1 of the fifth year for 146,887. 1. Journalize the entry to...
I need this done asap. Please help me solve this. Thanks. Due in 1 hour. Disposal of Fixed Asset Equipment acquired on...
I need this done asap. Please help me solve this. Thanks. Due in
1 hour.
Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $154,600 has an estimated useful life of 7 years and an estimated residual value of $20,200. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 Year 2 Year 3 b. What was the book value of the equipment...
Depreciation by Two Methods; Sale of Fed Asset New retreading equipment, acquired at a cost of...
Depreciation by Two Methods; Sale of Fed Asset New retreading equipment, acquired at a cost of $875.000 on September 1 at the beginning of a fiscal year has an estimated We of five years and an estimated residual value of 175.000 manager requested information regarding the effect of strative methods on the amount of depreciation expense each year. On the basis of the data presented to the manager, the double declining balance method was selected In the first week of...
14. EX.09-18.ALGO (Algorithmic) Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $338.100. has an estimated useful life of 7 years and an estimated residual value of $44,100. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 $ Year 2 $ Year 3$ b. What was the book value of the equipment on January 1 of Year 4? C. Assuming that the...
Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $375,000 has an estimated useful life of 20 years and an estimated residual value of $25,000. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year! Year 2 Year 3 b. What was the book value of the equipment on January 1 of Year 42 Assuming that the equipment was sold on January 3 of...
Print item Calculator Show Me How Book Disposal of Foced Asset Equipment acquired on January 6 at a cost of $385,000, has an estimated useful Ife of 9 years and an estimated residual value of $50.200. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Depreciation Expense Year Yвar 1 Year 2 Year 3 b. What was the book value of the equipment on January 1 of Year 47 Feedba Check...
purchased merchandise on account from Martin co
Entries for Sale of Fixed Asset Equipment acquired on January 8 at a cost of $139,250 has an estimated useful life of 16 years, has an estimated residual value of $7,250, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? Check My Work Book value is the initial cost of the fixed asset minus the accumulated depreciation....
13. EX.09-17.ALGO (Algorithmic) Entries for Sale of Fixed Asset Equipment acquired on January 5 at a cost of $195,150, has an estimated useful life of 19 years, has an estimated residual value of $8,000, and is depreciated by the straight-line method. a. What was the book value of the equipment at December 31 the end of the fourth year? b. Assuming that the equipment was sold on April 1 of the fifth year for 146,887. 1. Journalize the entry to...
I need this done asap. Please help me solve this. Thanks. Due in
1 hour.
Disposal of Fixed Asset Equipment acquired on January 6 at a cost of $154,600 has an estimated useful life of 7 years and an estimated residual value of $20,200. a. What was the annual amount of depreciation for the Years 1-3 using the straight-line method of depreciation? Year Depreciation Expense Year 1 Year 2 Year 3 b. What was the book value of the equipment...
Depreciation by Two Methods; Sale of Fed Asset New retreading equipment, acquired at a cost of $875.000 on September 1 at the beginning of a fiscal year has an estimated We of five years and an estimated residual value of 175.000 manager requested information regarding the effect of strative methods on the amount of depreciation expense each year. On the basis of the data presented to the manager, the double declining balance method was selected In the first week of...
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